Hills Bank & Trust Co Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Hills Bank & Trust Co reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,228 shares of the software company’s stock after selling 86 shares during the quarter. Hills Bank & Trust Co’s holdings in Adobe were worth $3,743,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares in the last quarter. Swedbank AB purchased a new stake in shares of Adobe in the 1st quarter worth $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe in the 2nd quarter worth $663,745,000. Price T Rowe Associates Inc. MD increased its stake in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP raised its holdings in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $478.08 on Friday. The firm’s fifty day moving average is $523.68 and its two-hundred day moving average is $515.55. The firm has a market cap of $210.45 billion, a price-to-earnings ratio of 40.38, a PEG ratio of 2.51 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.